$12,200,000 Private Placement Announced by Douglas Lake

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2011) - Douglas Lake Minerals Inc. (OTCBB:DLKM) (the "Company" or "Douglas Lake") today announced that it has entered into definitive agreements with institutional and accredited investors to purchase approximately $12.2 million of securities in a private placement transaction. Under the terms of the transaction, Douglas Lake has agreed to sell an aggregate of 27,173,372 common shares at $0.45 per share and common share purchase warrants to purchase up to 27,173,372 additional common shares. The warrants to purchase additional shares will be exercisable at $0.52 per share. Warrants issued to certain investors to purchase up to 14,862,262 common shares shall have an exercise period of 18 months and warrants issued to certain accredited investors to purchase up to 12,311,110 common shares shall have an exercise period of 30 months. The closing of the private placement is subject to the satisfaction of customary closing conditions.

Net proceeds from the private placement will be used primarily to support the Company's current exploration and development plans in Tanzania together with the Company's ongoing general corporate and working capital requirements consequent thereon.

The Company is required to use reasonable commercial efforts to file a resale registration statement with the SEC within 45 days following the closing of the private placement that covers the resale by the purchasers of the shares and the shares issuable upon exercise of the warrants.

Commenting on the Placement, Harp Sangha, the Company's CEO stated, "We are very pleased to have Rodman & Renshaw, our new financial partners, along with us during these exciting growth times for Douglas Lake and its shareholders. We will now be positioned to further our exploration and development program on our advanced stage recently acquired Handeni project. The ability to step away from our current royalty model and to be able to solely develop our wholly owned property has the potential to add significant value to our company. In addition, the monies raised will allow us to continue to build a strong and diversified portfolio of advanced, development and exploration-stage properties in Tanzania while at the same time allowing us to consider a myriad of other projects of like potential."

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The securities offered and sold in the private placement have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.

About Douglas Lake

The Company is an emerging mineral exploration company focused on exploring and developing mining opportunities in Tanzania. For more information, go to www.douglaslakeminerals.com.

Safe Harbour Statements

Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.

Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the "SEC") (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Such risks and uncertainties may include, but are not limited to, the risks and uncertainties set forth in the Company's filings with the SEC, such as the ability to obtain additional financing, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the SEC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.